Construction major HCC defaults on debt worth Rs 2,161 crore

Company has total dues of Rs 9,727 crore, Rs 4,091 crore of them to Indian banks

Construction major Hindustan Construction Company has defaulted to Rs 2,161 crore of debt as on December last year even as the company’s lenders have initiated a comprehensive debt resolution plan.

The company has a total debt of Rs 9,727 crore and of this, it owes Rs 4,091 crore to Indian banks, the company said in a statement to the stock exchanges. The company’s debt servicing capability was hit due to delays in execution of orders resulting in lower revenues. It was also impacted by high cost debt and high interest outflow, which led to the company incurring net losses continuously.